If 2021 is the year you want to branch out and start your own business, there are a few things you’ll need to know. From figuring out your unique selling points to deciding on your business structure, here are some helpful tips to help you hit the ground running.
1. Figure out your unique selling points
Before you start setting everything up for your new business, it’s important to have a think about how viable it will be. Consider what makes your business unique, and what will differentiate you from your competitors. Do you have a product no one else has? Or will you be providing fast and quality service?
2. Know who your customers are
It’s important to know who your ideal customers are. How old are they? What do they love? Once you know these traits, you can then decide how to market your product or service accurately. There might also be gaps in the market for this customer demographic, so be sure to do your research.
3. Set yourself apart from the competition
So you know what your USPs are, and you know who your customers will be. So how can you make yourself stand out from your competition? Take a look at your competitors’ operations to see how they do things. Do they offer free shipping? Do they offer 2 day turnarounds on quotes?
4. Have a business plan
You might want to jump straight in and get your new business going, but you’ll need to have a solid plan first. A business plan helps you organise your goals and provides a map for where you want to be, and how you will get there. Check out this handy guide for writing a business plan.
5. Work out your profit forecast
On top of having a business plan, you’ll also need to know whether you’ll actually make a profit. This is where the professionals come in handy. Engage the services of an accounting expert who can create a cashflow forecast for you, and give you an idea of how to structure your business. At Haven, we’ve got just the team to get your new business started on the right foot – give us a call today!